{"id":367378,"date":"2019-01-06T05:00:19","date_gmt":"2019-01-06T05:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=367378"},"modified":"2024-06-11T12:42:55","modified_gmt":"2024-06-11T12:42:55","slug":"bitcoin-price-weekly-analysis-btc-approaching-significant-break","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-weekly-analysis-btc-approaching-significant-break\/","title":{"rendered":"Bitcoin Price Weekly Analysis: BTC Approaching Significant Break"},"content":{"rendered":"
Key Points<\/p>\n
Bitcoin price is trading near important support levels against the US Dollar. BTC\/USD may soon make the next move either above $4,000 or below $3,500.<\/em><\/p>\n This past week, bitcoin price moved higher<\/a> above the $3,800 resistance against the US Dollar. However, the BTC\/USD pair struggled a lot to clear the $3,900 resistance level. To start with, a swing low was formed near $3,720 and later the price started an upward move. It broke the $3,800 resistance and the 100 simple moving average (4-hours). The price even traded above the 50% Fib retracement level of the last decline from the $3,920 high to $3,722 low.<\/p>\n However, the price faced a strong resistance near the $3,850 and $3,870 levels. Besides, the 76.4% Fib retracement level of the last decline from the $3,920 high to $3,722 low also prevented gains. Buyers failed to push the price above $3,900 and later the price declined. It traded below $3,800 and the 100 SMA. Having said that, the price is now approaching the key support area<\/a> near $3,765. More importantly, there is a major contracting triangle formed with support at $3,765 on the 4-hours chart of the BTC\/USD pair.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n